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India turns out to be Net Steel Importer in 2018-19 Fiscal – GK Dose

India turns out to be Net Steel Importer in 2018-19 Fiscal – GK Dose

For the first time in three years, India was the net importer of steel during the financial year 2018-19. This was attributed to India losing market share among its traditional steel buyers and an increase in imports of higher-quality steel domestically.

Indian Steel Exports

  • Indian steel exports fell by 34 percent to 6.36 million tonnes in the fiscal year that ended in March 2019.
  • India’s exports during the fiscal year 2018-19 declined after rival steelmakers in China, Japan, South Korea and Indonesia who were blocked from markets in the United States and Europe by tariffs and other protectionist measures, ate away at the India’s markets in the Middle East and Africa.

Indian Steel Imports

  • During the 2018-19 financial year, India’s finished steel imports rose 4.7 percent to 7.84 million tonnes.
  • Imports from the China, Japan, South Korea and Indonesia also increased as they diverted supply into India after the tarrif and other protectionist measures in the US and EU.

The Ministry of Steel has urged local automakers to cut Japanese and South Korean imports to support domestic producers but the automakers who are the biggest importers of the high-quality steel say they cannot get the quality of steel they need locally. On the other hand Indian steel companies have sought imposition of higher duties on imports.

About JAYANT SRIVASTAVA

Hello Everyone, Am happy to start this project which is Completely a free service. Though am not a mentor, Am just doing this for my self satisfaction and for supporting the Financially Backward. I think you all understand my intention in creating this and ultimate purpose of this blog is providing free material for the needy people. Coming to UPSC Preparation, people created assumptions like UPSC is the toughest exam and You can’t clear it unless you join a coaching. By this false statements economically backward Students are dropping their aspirations even before they start. To wipe out all those assumptions, I have started this. Here, all materials which are important for clearing UPSC will be shared for free of cost, yes this is completely free and we are doing this to serve the poor who can’t afford the coaching institutions. Join us on Telegram also...

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